The Red Sea Trading Corporation (commonly known as 09) is the commercial entity created to enact the People's Front for Democracy and Justice's socially responsible development program.[1] The company was founded with $20,000 in 1984. It is primarily involved in international trade and is the largest importer in the country. The company grew out of the necessity for the Eritrean People's Liberation Front to commercially develop the territory that it had captured during the Eritrean War of Independence. Its guiding mission is closely related to the related Nakfa Corporation.
The chief executive officer of the organization is Hagos Ghebrehiwet, who is also the economic advisor to the (PFDJ).
U.S. sanctions
On 12 November 2021, the U.S. Department of the Treasury added the Red Sea Trading Company to its Specially Designated Nationals (SDN) list. Individuals on the list have their assets blocked and U.S. persons are generally prohibited from dealing with them.
Ghebrehiwet was designated for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, the PFDJ. RSTC manages the property and financial interests of the PFDJ, acts as its funder, and provides it business assistance. RSTC was designated for being owned or controlled by Ghebrehiwet.[2]
References
- Tom Killion. Historical Dictionary of Eritrea The Scarecrow Press, 1998^
- Treasury Sanctions Four Entities and Two Individuals in Connection with the Crisis in Ethiopia U.S. Department of the Treasury, 2025-02-08, retrieved 2025-10-11^